Better.com CEO Vishal Garg laid off nearly 900 employees at a webinar a few weeks before Christmas last year.
The Indian-origin chief executive officer of an online mortgage company, who faced criticism after sacking nearly 900 employees over a webinar last month, is returning to his position.
Better.com CEO Vishal Garg laid off nearly 900 employees at a webinar a few weeks before Christmas last year.
“I do not bring you any good news. If you are on this call then you are part of the unlucky group that is being laid off. Your employment here has been terminated immediately,” said Mr. Garg to the company’s 9 Widely criticized the way in which % employees were informed that they were being let go.
Mr. Garg later apologized for the way the layoffs were handled, saying, “I failed to show a fair amount of respect and appreciation for the individuals affected and for their contribution to Better. The decision to lay off is up to me, but I made an execution mistake in communicating this. I have embarrassed you by doing so.”
It was announced on Wednesday that Mr Garg was returning to his post, with the company’s board announcing in a staff memo that he was “taking time off” following “very regrettable incidents”.
a report in the new York Times The company’s board cited an email sent to employees that read, “As you know, Vishal Garg, the CEO of Better, is taking a break from his full-time duties to reflect on his leadership, with the values that We reconnect with what makes Better great and work closely with an executive coach.” Committed, he needs to do better at this critical time.”
a CNN In a separate letter to employees, Mr Garg said, “I understand how difficult these past few weeks have been,” the report said. I am deeply sorry for the anger, distraction and embarrassment caused by my actions. I’ve spent a lot of time thinking about where we are as a company and what kind of leadership is better needed…and the leader I want to be.”
After sacking the employees, Mr. Garg told them he could expect an email from the human resources department, detailing benefits and severance. Mr. Garg had cited market efficiency, performance and productivity as the reasons behind the firing.
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